Ice Coffee futures close almost unchanged
March coffee futures closed slightly lower this Thursday in a session in which most of the activity was concentrated in the spreads. The most active contract for March delivery, settled 15 points lower at 164.75 cents a pound. Volume was good reaching 27,579 lots on sizable activity in the spot –March-May switch which settled unchanged at -2.80. “C” futures traded in a narrow range of 310 points, reaching a high at 166.40 and a low at 163.30. In weather news, Somar Meteorology keeps its forecast of rains for the main coffee belt of Brazil. In other news, the commodity markets closed mixed with a recovery in the Wheat market of 2.89%. In Brazil, the real devaluated to trade as high as BRL 2.7580.
London Market - London’s configuration is falling into a clear pattern with the focus to sort out the spot month talking control. Movements in daily exposure show the liquidation in the March which dominates the movement of the open position. The board uncovers limited flow from origin towards 1900 but by the same token moves further away from origin which open a divergence to keep trading ranges narrow. Stocks in consuming countries have been trending higher the last three months despite being in the main consumption period.